Has Warburg Pincus's S-Reit game plan only just begun?

WARBURG Pincus has been gradually building up its presence in the Singapore real estate investment trust (S-Reit) sector over the past few months, in a manner which appears too systematic to be just isolated acquisitions.

In typical private-equity fashion, it seems to have a bigger agenda at hand: the restructuring of the small-cap S-Reit space, with the end goal of combining managers and portfolios for efficiency purposes.

If this is true, Warburg Pincus's actions thus far have merely been the tip of the iceberg, and more acquisitions can be expected in the months to follow.